The Latest in ABS and Debt Markets

Welcome to The Data Tapes—your biweekly snapshot of private credit and ABS markets. In each edition, we bring you concise updates on debt financings, platform fundraises, data insights, market trends, and the latest from Setpoint.

💸 Debt Financings & Acquisitions

• Alt, an online marketplace for trading cards, closed a $40M asset-based revolving credit facility with Trinity Capital. 

• Bilt Rewards, a credit card and rewards platform for renters, closed a $250M equity financing at a $10.75B valuation led by Blackstone, GID, and United Wholesale Mortgage. 

• Capital Street, a fund finance platform, is preparing to issue $475M in structured credit notes collateralized by a revolving portfolio of capital call facilities,  under Capital Street Master Trust.  

• Channel, an equipment financing platform, closed an $85M securitization collateralized by a portfolio of small business loans and advances. 

• Concord, an investment platform that acquires, manages, and develops creative rights, closed $1.765B in a series of new five-year, seven-year, and ten-year notes secured by Concord’s catalog of over 1.3M music copyrights. 

• Defacto, a French lending infrastructure platform, upsized its securitization facility to €300M with Citi and Viola Credit to scale originations for its short-duration SME lending product. 

• Fortress and GOAL Aircraft Leasing acquired four new Embraer E195-E2 aircraft from Porter Airlines as part of a sale leaseback. 

• Foundation Finance Company, a home improvement financing platform, closed a $329.23M ABS deal secured by home improvement installment contracts. 

• Funding Circle, a UK-based SME finance platform, closed a £200M forward flow with Deutsche Bank to scale origination volume of its SME term loan product. 

• Great Rock Capital, a middle market asset-based lending platform, closed a $1.1B senior secured leverage facility agented by Capital One. 

• Jersey Mike’s, a restaurant franchise owned by Blackstone, is planning to issue a $400M ABS in a whole business securitization collateralized by franchise royalties and trademarks. 

• Jonas Catalog Holdings 1, a strategic platform led by Jonas Group Entertainment Holdings, acquired a significant portion of The Jonas Brothers’ music catalog. The financing for the acquisition was provided by a syndicate including Corrum Capital, One William Street, Bardin Hill, and Cliffwater. 

• JustFund, an Australian divorce funding platform, closed a $200M warehouse facility from MA Financial. 

• Kapitus, a small business financing platform, closed a $250M ABS issuance backed by a pool of SMB loans alongside an upsize of a corporate note to $95M. 

• LendingClub, a consumer finance platform, renewed its forward flow program with Blue Owl for up to $3.4B of Structured Loan Certificate Transactions. 

• MMP Capital, an equipment lease platform, closed a $213.3M ABS issuance backed by a pool of medical equipment loan contracts. 

• Palisades Group, an alternative asset manager in residential credit and real estate, closed a $112.1M multi-originator home equity investment securitization. 

• QuickFee, an Australian fintech platform, closed a A$118M senior secured revolving credit facility with Viola Credit to fund QuickFee’s loan origination in the US and Australia. 

• Rithm Capital, a global asset manager, closed a strategic partnership with an unnamed institutional investor to fund the acquisition of up to $500M of residential transition loans, with the potential to acquire up to $1.5B. 

• SMBC, a Japanese bank, sold over $1.5B of performing loans in APAC to Apollo. 

• TierPoint, an enterprise data center company, closed a $250M term loan to completement TierPoint’s ABS and VFN program. 

• Unlock, a home equity investment platform, closed its fourth rated HEA securitization of $227M. 

• Viva Finance, a payroll deduction lending platform, closed a $220M credit facility with CIM to scale originations.

💰️Platform Growth

• 17Capital, a NAV finance fund, closed $5.5B in commitments for 17Capital Strategic Lending Fund 6. 

• 1823 Partners launches with a multi-billion dollar mandate from JAB Insurance to focus on real estate, asset-backed finance, credit, and insurance solutions. 

• Blue Owl, Voya Financial enter a strategic partnership to bring private markets investments to Defined Contribution Retirement Plans. 

• Blue Owl announced a final close of $850M in capital commitments for a private offering of an alternative credit fund. 

• Chorus Capital, a European alternative asset manager focused on bank SRT transactions, closed $2.5B for Chorus Capital Credit Fund V.  

• Coller Capital closed a $6.8B credit secondaries fund to acquire private credit assets from funds. 

• Fidelity closed $729M for its second opportunistic credit fund.

• Kayne Anderson BDC announced an investment in SG Credit Partners.

• Man Group, a global hedge fund, acquired Bardin Hill, a $3B AUM asset manager to expand its alternative credit platform. 

• Macquarie Asset Management closed €3.5B for its European Infrastructure Debt fund. 

• Neuberger Berman closed $2.8B in commitments for NB Strategic Co-Investment Partners V.

• Pantheon closed $2.2B in commitments for its third credit opportunities fund. 

• Starwood Property Trust to acquire Fundamental Income Properties for $2.2B. 

📈 Visuals

 🗣️ Market Commentary

• "There is an acceleration in companies strategically repositioning around capital light models, deliberately reducing exposure to cyclical businesses to improve visibility on earnings, margins, and returns. This structural shift creates actionable opportunities, both in acquiring equity stakes in these transitioning businesses and in directly purchasing carved-out assets." - Henry McVey, Global Head of Macro at KKR on shift to capital light business models

• “There’s no reason these loans shouldn’t trade, but it will take time. It’ll be a gradual change: too much exposure to a specific industry, some troubled assets. Eventually, every lender will want to have the option to sell, even if they don’t use it. Banks only started trading their loans in the late 1980s and it took time for them to end up doing it in large size. As a lender, why would you not want the option to have liquidity?” Jeff Arronson, Co-Founder and Managing Principal at Centerbridge on the Path to Secondary Markets for Illiquid Private Credit 

• “Fundamentally, while there are nuances around the edges, consumer credit is primarily about the labor market. And in a world with 4.1% unemployment rate, it's just going to be hard, especially in our portfolio, to see a lot of weakness. Now, it is true that if you look at not our data, but the government's data, I think I was looking at this the other day like, first half real consumer spending of this year versus second half of last year is down. Now, it's still positive, it's still growing, but it's down. So it's kind of consistent, this sort of soft landing narrative, which is also consistent with the sort of the GDP outlook that our economists are publishing. Our own data looked sort of in nominal terms on a cohort basis, actually shows spending up a little bit over the same period.” - Jeremy Barnum, CFO of JPM on Health of the US Consumer

• “I would say, it's not high on my list [to buy a private credit firm] because we can do it ourselves and then you know buying people and comp plans. And I also think you may have seen peak private credit a little bit. I don't know that, but we already do it. So if it was the right people, the right price, the right – sure, we should look at it…I've mentioned that credit spreads are very low. It's grown dramatically over time. And you have to pay up a lot for it. I'm not saying, it's not going to grow some more, but I would have a slight reluctance depending on who it was. But your bankers might come to us with something tomorrow that we just hadn't thought about that is a complete natural fit for us; natural fit being product and people and culture.” - Jamie Dimon, CEO of JPM on Appetite to Acquire a Private Credit Fund and Why We May Be at Peak Private Credit

📖 What We’re Reading & Listening To

Earnings Reports

• Banks: BAC, Citi, COF, GS, JPM, MS, PNC, TFC, WFC

• Asset Managers: BLK, IVZ

Reading

• 2025 Midyear Global Outlook (BlackRock) 

• Apollo’s Private Credit Trade Finds New Audience on Blockchain (Bloomberg)

• Asset-Based Finance: Private Credit Hidden in Plain Sight - Part 1 (KKR)

• Fixed-Income Sector Views: Q3 2025 (Guggenheim) 

• Housing Headwinds & Hidden Strengths (Rithm) 

• Magnetar Capital sees AI as biggest investment opportunity in firm’s 20-year history (P&I)

• Make Your Own Luck: Mid-Year Outlook for 2025 (KKR)

• Mid-Year Megatrends Update (Blackstone)

• Outlook for public and private markets (Apollo)

• Private Credit Can Bring Risk Along with Liquidity to Commercial Property Finance (WSJ)

• Who Lends to Households and Firms? (Liberty Street Economics) 

• Trump’s Tax Bill Set to Help SoFi, Other Private Student Lenders (Bloomberg)

Podcasts & Interviews

• Building Sixth Street with Alan Waxman (Invest Like the Best)

• Direct Lending’s Evolution and Invesco’s Edge (Capital Allocators)

• Diversification Brings Europe into the Spotlight with Maxime Laurent-Bellue of Tikehau (Credit Clubhouse)

• Fireside Chat with Marc Zahr, Co-President and Head of Real Assets at Blue Owl (AGM)

• George Wunderlin, CEO at Schroders Capital, on the evolution of private capital in investors portfolio (ION Influencers Fireside Chat)

• How Asset-Backed Finance Powers the Economy, with David Vick and Dylan Ross (TCW)

• Investing in Consumer Credit: Financial the Real Economy with PJ Collins (AllianceBernstein)

• Macro Markets Podcast Episode 72: Credit Cycle Check-In (Guggenheim) 

• Private Credit Giant Ares is Seeing More Defensive Opportunities in Europe (Credit Edge)

• Reinventing Talent and Building Momentum at Treville with Michael Ovitz (Capital Allocators)

• The Jamie Dimon Interview (Acquired Podcast)